The restrictions imposed in Estonia have been relatively light, and the government announced a rescue package worth 7% of GDP back in mid-March. However, the initial figures show that also in Estonia not only export-oriented production is contracting sharply, but also domestic demand. Apart from catering and tourism, transport and many manufacturing sectors are also likely to suffer. We expect Estonian GDP to decline by 7% in 2020, and forecast an upswing of 4% in 2021.

map Estonia
Main Economic Indicators201720182019202020212022
Population, 1000 persons131713221327...
GDP, real change in %
GDP per capita (EUR at PPP)232202469026100...
Gross industrial production, real change in %4.14.7-0.1...
Unemployment rate - LFS, in %, average5.
Average gross monthly wages, EUR122113101407...
Consumer prices, % p.a.
Fiscal balance in % of GDP-0.8-0.6-0.3...
Public debt in % of GDP9.38.48.4...
Current account in % of GDP2.
FDI inflow, EUR mn155210222627...
Gross external debt in % of GDP82.876.773.5...

Basic data are continuously updated.

* Forecasts are changed beginning of March, July and November.
See Press Conferences.

Due to the unusually high level of uncertainty caused by COVID-19, we only present forecasts for 2020-2021.


Monthly Report No. 5/2020

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter, Bernd Christoph Ströhm and Hermine Vidovic
wiiw Monthly Report No. 5, May 2020
96 pages including 27 Tables and 39 Figures



ESTONIA: Slowdown in external demand accompanied by deferred investment activity

Sebastian Leitner
in: Uncertainty in Turbulent Times
wiiw Forecast Report No. Spring 2020, March 2020 , pp. 87-90
Details and Buy